All Forum Posts by: Teawanda Wells

Thanks for the info!!

This is the situation. I have a SFH rental that is tenant occupied and completely paid off. I currently live in a townhouse with about 50% equity and a small mortgage payment. I am currently in the market to buy a SFH to live in. My initial thoughts were to sale the townhouse. After getting pre-approved for a desirable mortgage with me keeping the townhouse my thoughts have shifted to now keeping and renting out the townhouse as well. I will need to put some $$ into the townhouse to get it rent ready and would like to get any suggestions on how to do this. I had one suggestion which was to 1st close on the new home and then take out a HELOC on the rental property. Is this possible? I've also had a suggestion to get a hard money loan. Just trying to figure out all possible solutions.

Thanks for any suggestions.

Hi, wanted to give a follow-up post. I increased rent 8% (still just under market rent). Tenants happily signed new lease. Thanks for all your input.

Thank you all for all the input and great advice!

Thanks Andrew for responding!

What is the typical annual increase in rent? I have a single family house that has no mortgage. I've been renting to the same family (elderly couple and their adult daughter) for the last 3 years with no increase. Why no increase...rent has been paid on time every month with exception of two times within the 3 years and I guess I'm nice :). Lease is to be renewed in the next 2 months and I am definitely increasing rent this year due to increasing property taxes and insurance. Just curious as to the typical annual increases.